SOLUTION

Terrorist Financing

Uncover dangerous criminals exploiting your institution

Terrorist organizations require the US banking system to first clean and then transfer funds obtained through their far-reaching criminal networks to extremist cells responsible for perpetrating attacks on civilians around the globe.

Verafin’s advanced anti-money laundering analytics alert you to unusual activity that may be indicative of terrorist financing activity, and provides tools to strengthen investigation and reporting.

Features

LOAN CHARGE-OFF ANALYSIS

Individuals looking to participate in terrorist activity overseas often rely on loans to finance their preparation and travel. Loan charge-offs, in combination with other suspicious activity indicators, are used to alert you to potential terrorist financing activity.

INTERNATIONAL ACTIVITY ANALYSIS

Customer transactions are analyzed for international activity that may indicate a customer’s presence in countries publicly identified by various governmental agencies as high risk due to weak or non-existent Anti-Money Laundering (AML) and Counter Terrorist Financing (CTF) measures.

Benefits

Improved investigations

Complete transactional and profile data, all available within Verafin, and robust case management functionality help make your investigations more efficient and increase confidence in your decision making.

Powerful Wire and IAT Analysis

Wires and International ACH Transfers sent to designated risky countries generate risk-rated Money Laundering alerts, which can provide important additional evidence for your investigations into potential terrorist financing information.

Automated Watch List Scanning

Every night your customers are automatically scanned for matches against all installed watch lists, including OFAC and 314(a). You can also scan wire and IAT files and have front-line employees perform searches during account opening or non-customer transactions.

More Verafin Benefits

314(b) information sharing. Verafin gives you the tools to reach out to other 314(b)-registered financial institutions to request the information you need to enhance your investigations. Learn more >

Automated SAR functionality. At the click of a button you can create a pre-populated SAR. Complete your narrative and queue it for overnight electronic submission directly from Verafin to FinCEN. Verafin can also remind you when it is time for 90-day refiling, if the suspicious activity continues. Learn more >

Risky Entity Analysis. By leveraging the power of the Verafin Cloud and innovative cross-institutional analysis, Verafin alerts you to the presence of entities within your institution that have a history of performing suspicious activity at other institutions across the country. Learn more >